DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730
BP GLOBAL INVESTMENTS LIMITED (Registered No.00263889)
ANNUAL REPORT AND FINANCIAL STATEMENTS 2019 Board of Directors: D J Bucknall J A Hodgson J C Lyons M J O'Sullivan K A Thomson
The directors present the strategic report, their report and the audited financial statements for the year ended 31 December 2019.
STRATEGIC REPORT
Results
The profit for the year after taxation was $962,892,000 which, when added to the retained profit brought forward at 1 January 2019 of $12,054,741,000 and after deducting total paid interim dividends to ordinary shareholders of $521,000,000 gives a total retained profit carried forward at 31 December 2019 of $12,496,633,000.
Principal activity and review of the business
The company holds investments in subsidiary and associated undertakings worldwide.
The key financial and other performance indicators during the year were as follows: 2019 2018 Variance $000 $000 % Dividend income 1,182,428 3,182,591 (63) Operating profit 1,103,249 3,125,991 (65) Profit for the year 962,892 3,038,502 (68) Total equity 12,922,421 12,480,529 4
The decrease in profit for the year was primarily due to the decrease in dividend income and the increase in impairment charges recognised against investments compared to the prior year.
Section 172 (1) statement In governing the company on behalf of its shareholders and discharging their duties under section 172, the board has had regard to the factors set out in section 172 (see below) and other factors which the board considers appropriate.
Section 172 factors
Section 172 requires directors to have regard to the following in performing their duties, and as part of the process are required to consider, where relevant:
a. The likely long-term consequences of the decision. b. The interests of the company’s employees. c. The need to foster the company’s business relationships with suppliers, customers and others. d. The impact of the company’s operations on the community and the environment. e. The desire to maintain the company’s reputation for high standards of business conduct. f. The need to act fairly between members of the company.
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To support the directors in the discharge of their duties, and whilst making a decision on behalf of the company, the directors have access to functional assurance support to identify matters which may have an impact on the proposed decision including, where relevant, section 172 factors as outlined above.
The principal decisions taken by the directors during the year included the acquisition of investments in Fatima Power Holding LLC ("FPH") and Aparecida I Power Holding LLC ("Aparecida") in May 2019 and subsequent creation of partnerships with Natural Energia Participacoes Ltda (“Natural Energia”), which formerly owned the entire issued equity of FPH and Aparecida. Natural Energia is a company incorporated in Brazil focussed on early stage development of gas, wind and solar projects. The aims of Natural Energia align with the BP strategy to capture long-term value through the securing of sustainable gas and power demand within growing markets. The relevant factors taken into account during the decision making process, in furtherance of the company's purpose, were the advantages of BP investing in renewable energy. Such advantages include sustainable environmental impacts, smaller carbon footprint and an overall positive impact on the natural environment. Consideration was also given to consumers' demand. As of 2018, renewable energy accounted for 79% of the domestically produced electricity used in Brazil.
Principal risks and uncertainties
The company aims to deliver sustainable value by identifying and responding successfully to risks. Risk management is integrated into the process of planning and performance management for the BP group.
The risks listed below, separately or in combination, could have a material adverse effect on the implementation of the company’s strategy, business, financial performance, results of operations, cash flows, liquidity, prospects, shareholder value and returns and reputation. Unless stated otherwise, further details on these risks are included within the risk factors in the strategic report of the BP group Annual Report and Form 20-F for the year ended 31 December 2019.
Strategic and commercial risks
Geopolitical The company is exposed to a range of political developments and consequent changes to the operating and regulatory environment may disrupt or curtail the company's operations or development activities. These may in turn cause production to decline, limit the company's ability to pursue new opportunities, affect the recoverability of our assets or cause us to incur additional costs. Political developments may include international sanctions, expropriation or nationalization of property, civil strife, strikes, insurrections, acts of terrorism or war and public health situations (including an outbreak of an epidemic or pandemic).
The impact of the UK's exit from the EU BP have been assessing the potential impact on the group of Brexit and the UK’s future global relationships. BP have been considering different outcomes but do not believe any of these outcomes pose a significant risk to the business. The BP board’s geopolitical committee continues to monitor these developments.
Joint arrangements and contractors The company may have varying levels of control over the standards, operations and compliance of its partners, contractors and sub-contractors which could result in legal liability and reputational damage.
Digital infrastructure and cybersecurity Breach or failure of the company’s or third parties’ digital infrastructure or cyber security, including loss or misuse of sensitive information could damage its operations and reputation or increase costs.
Climate change and the transition to a lower carbon economy Policy, legal, regulatory, technology and market developments related to the issue of climate change could increase costs, reduce demand for our products, reduce revenue and limit certain growth opportunities.
Insurance The BP group’s insurance strategy could expose the BP group to material uninsured losses which in turn could adversely affect the company.
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Compliance and control risks
Ethical misconduct and non-compliance Ethical misconduct or breaches of applicable laws by the company’s businesses or its employees could be damaging to its reputation, and could result in litigation, regulatory action and penalties.
Regulation Changes in the regulatory and legislative environment could increase the cost of compliance.
Reporting Failure to accurately report the company’s data could lead to regulatory action, legal liability and reputational damage.
Financial risk management
The company is exposed to a number of different financial risks arising from natural business exposures including market risks relating to foreign currency exchange rates and interest rates. Further details on these financial risks are included within Note 29 of the BP group Annual Report and Form 20-F for the year ended 31 December 2019.
Authorized for issue by Order of the Board
30 September 2020
For and on behalf of Sunbury Secretaries Limited Company Secretary
Registered Office: Chertsey Road Sunbury on Thames Middlesex TW16 7BP United Kingdom
3 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 DIRECTORS' REPORT
BP GLOBAL INVESTMENTS LIMITED
Directors
The present directors are listed on page 1.
D J Bucknall, J A Hodgson, J C Lyons, M J O'Sullivan and K A Thomson served as directors throughout the financial year. Changes since 1 January 2019 are as follows: Appointed Resigned B Gilvary — 08/07/2019
Directors' indemnity
The company indemnifies the directors in its Articles of Association to the extent allowed under section 232 of the Companies Act 2006. Such qualifying third party indemnity provisions for the benefit of the company’s directors remain in force at the date of this report.
Dividends
During the year the company has declared and paid dividends of $521,000,000 (2018 $2,865,000,000). The directors do not propose the payment of a final dividend.
Financial instruments
In accordance with section 414C of the Companies Act 2006 the directors have included information regarding financial instruments as required by Schedule 7 (Part 1.6) of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in the strategic report under Financial risk management.
Post balance sheet events
Since 31 December 2019, oil and gas prices have fallen sharply in large part due to the impact of the international spread of COVID-19 (Coronavirus) and geopolitical factors. The impact of COVID-19 and the current economic environment on the basis of preparation of these financial statements has been considered. The directors continue to consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Further details are provided under Going Concern below. This is a non-adjusting event for the financial statements for the period ending 31 December 2019.
On 12 June 2020 the company, together with Kenilworth Oil Company Limited, established a subsidiary registered in India named BP Business Solutions India Private Limited which will assume, from a new centre in Pune India, operational ownership of end-to-end process transformation and digital solutions. The company subscribed to 9,999 ordinary shares of INR 10 each for a consideration of INR99,990. On 13 August 2020 there was a further capital injection of $10m in order to meet the funding requirement of the new centre.
On 15 June 2020 BP issued a press release detailing revised investment appraisal long-term oil and gas price assumptions used in tangible assets impairment testing. The revised long-term price assumptions used to determine recoverable amount based on value-in-use impairment tests are an average of $55/bbl for Brent and $2.90 per MMBtu for Henry Hub for the period of 2021-2050 (in 2020 prices). Impairment tests have been performed for the purposes of the BP Plc group financial statements as at 30 June 2020. As a result of the revised long-term price assumptions and a review of the long-term strategic plan, management also reviewed BP's exploration prospects and the carrying value of the associated intangible assets. The outcome of the review has resulted in revised judgements over the expectations to extract value from certain prospects. Impairment charges related to tangible, exploration and appraisal assets may be recognised in subsidiary undertakings of the company, though this is not currently expected. As these revisions and impairments relate to events and circumstances arising since 31 December, this is non-adjusting event for the financial statements for the period ending 31 December 2019. A review of the impact of any impairments on the carrying value of the investments
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held by BP Global Investments Limited, and the recognition of any resulting impairment charges, will be included in the financial statements for the year ended 31 December 2020.
On 29 June 2020 BP announced that it has agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion, subject to customary adjustments. The sale agreement includes the whole of BP’s aromatic and acetyls businesses, including assets, technology and licences, as well as related assets. Subject to regulatory and other approvals, the transaction is expected to complete by the end of 2020. Certain of the investments held by the company, their assets and intellectual property will be included within the sale. This is a non-adjusting event for the financial statements for the period ending 31 December 2019.
On 9 July 2020 the company acquired 49% interest in Reliance BP Mobility Limited, a joint venture with Reliance Industries Limited encompassing retail and aviation businesses in India, for a cash consideration of $1,020m.
On 24 September 2020, the management of BP International Limited approved the issue of a loan facility of $6bn on a 7 year term, priced at interest rates similar to the market rate. The issue of this long-term funding will restore the company's balance sheet to a net current assets position.
Going concern
The directors have assessed the prospects of the company over a period of at least 12 months. The directors have considered expectations of the position and performance of the company over this period, taking account of its short-term and longer-range plans. Taking into account the company’s current position and its principal risks on pages 1-3, the directors have a reasonable expectation that the company will be able to continue in operation and meet its liabilities as they fall due over at least the next 12 months.
Since 31 December 2019, the oil price has fallen sharply in large part due to the impact of the international spread of COVID-19 (Coronavirus) and geopolitical factors. The impact of COVID-19 and the current economic environment on the basis of preparation of these financial statements has been considered.
BP Global Investments Limited is in a large net assets position. This is largely a result of its significant investment balance of $16,737,445,000, which far exceeds the company’s external liabilities. The company has net current liabilities of $3,386,686,000 which is largely amounts due to other members of the BP group. The directors confirm their intention that short-term intercompany overdraft funding will be replaced with a long-term loan of $6bn from BP International Ltd. This will restore the company's balance sheet to a net current assets position. The company relies on the BP group’s role in providing funding and liquidity where the group’s centralised funding model strongly supports, and the track record of funding to date clearly demonstrates that, the in-house banks are a reliable and enduring source of funding and liquidity support to BP subsidiaries.
Liquidity and financing is managed within BP under pooled group-wide arrangements which include the company. As part of assuring the going concern basis of preparation for the company, the ability and intent of the BP group to support the company has been taken into consideration. The BP group financial statements continue to be prepared on a going concern basis. Forecast liquidity extending at least twelve months from the date of approval of these financial statements has been assessed at a group level under a number of scenarios and a reverse stress test performed to support the group’s going concern assertion. In addition, group management of BP have confirmed that the existing intra-group funding and liquidity arrangements as currently constituted are expected to continue for the foreseeable future, being no less than twelve months from the approval of these financial statements.
In assessing the prospects of BP Global Investments Limited, the directors noted that such assessment is subject to a degree of uncertainty that can be expected to increase looking out over time and, accordingly, that future outcomes cannot be guaranteed or predicted with certainty.
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Having a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months from the date these financial statements were approved, the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
Future developments
The directors aim to maintain the management policies which have resulted in the company’s stability in recent years. They believe that the company is in a good position to take advantage of any opportunities which may arise in the future.
Included within current creditors is an intercompany payable to BP International Limited of $4,980,000,000 being the long-term loan that matured on 20 December 2019. On 24 September 2020, the management of BP International Ltd approved the issue of a loan facility of $6bn on a 7 year term, priced at interest rates similar to the market rate.
It is the intention of the directors that the business of the company will continue for the foreseeable future.
Stakeholder statements
Employee engagement
The company is a parent company and is captured by the employee engagement reporting requirements due to the number of employees within its group structure.
Employees are informed of information on matters of concern to them as employees through BP’s employee intranet and local sites, social media channels, town halls, site visits and webinars including topics such as quarterly results, strategy, the low carbon transition and diversity. The BP group has a number of employee- led forums and business resource groups and builds constructive relationships with labour unions formally representing employees. Employees are consulted on a regular basis through regular team and one-to-one meetings and through an annual survey.
Employee share ownership is encouraged and there are a number of employee share plans in BP p.l.c. which are in place at BP group level. For example, the BP group operates a ShareMatch plan in more than 50 countries, matching BP shares purchased by employees. The BP group also operates a group-wide discretionary share plan, which allows employee participation at different levels globally and is linked to the BP group’s performance.
As an example of how engagement has directly contributed to shaping policy, in 2019 the group launched a new global commitment to minimum parental leave for new parents. This policy was established through engagement with BP employee-led business resource groups and employee forums, including the working parents’ forum.
A stakeholder review is conducted during the decision making process and employee’s views are taken into account in decisions likely to affect their interests. Employee engagement is discussed and considered by the directors at board meetings on a regular basis.
Engagement with other stakeholders
The company aims to build enduring relationships with governments, customers, partners, suppliers and communities in the countries where it operates. The company works with its business partners in an honest, respectful and responsible way and seeks to work with others who share the company’s commitments to safety and ethics and compliance.
The company’s activities affect a wide variety of individuals and organizations. The company engages with these stakeholders and listens to their differing needs and priorities as an everyday part of its business and uses the input and feedback to inform its decision making process.
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On behalf of the company, the BP group participates in industry associations that offer opportunities to share good practices and collaborate on issues of importance. Additionally, the BP group works with governments on a range of issues that are relevant to its business, from regulatory compliance, to understanding tax liabilities, to collaborating on community initiatives.
The BP group seeks to engage with customers through social media, focus groups and in-depth interviews with customers to better understand customer’s needs and seek their feedback. Feedback from such engagement has been considered by the directors during the decision making process where relevant.
The company’s relationships with communities are important for all its activities, but particularly for major new projects where its presence may bring about changes in the local areas, such as jobs and support for community development, as well as increased road traffic, changes in the landscape and increased demands for fresh water.
The company engages with local communities through public consultations and meetings with local representatives and completes impact assessments where relevant. Feedback from such engagement has been considered by the directors during the decision making process where relevant.
With regards to the principal decisions taken by the company during the year as outlined within the strategic report, the directors considered the impact of these decisions on the various stakeholder groups of the company listed above. The directors agreed that the decisions would have a positive impact on these stakeholders, in furtherance of the strategy of the company and the purpose of the BP group.
Directors’ statement as to the disclosure of information to the auditor
The directors who were members of the board at the time of approving the directors’ report are listed on page 1. Having made enquiries of fellow directors and of the company’s auditor, each of these directors confirms that:
• To the best of each director’s knowledge and belief, there is no information relevant to the preparation of the auditor's report of which the company’s auditor is unaware; and
• Each director has taken all the steps a director might reasonably be expected to have taken to be aware of relevant audit information and to establish that the company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with s418 of the Companies Act 2006.
Authorized for issue by Order of the Board
30 September 2020 For and on behalf of Sunbury Secretaries Limited Company Secretary
Registered Office: Chertsey Road Sunbury on Thames Middlesex TW16 7BP United Kingdom
7 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS BP GLOBAL INVESTMENTS LIMITED
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable UK law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss for that period. In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that they have complied with these requirements. Details of the directors' assessment of going concern are provided in the directors' report.
8 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BP GLOBAL INVESTMENTS LIMITED
Report on the audit of the financial statements
Opinion In our opinion the financial statements of BP Global Investments Limited (the company): • give a true and fair view of the state of the company’s affairs as at 31 December 2019 and of its profit for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and • have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise: • the profit and loss account; • the statement of comprehensive income; • the balance sheet; • the statement of changes in equity; and • the related notes 1 to 20.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern We are required by ISAs (UK) to report in respect of the following matters where: • the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorized for issue.
We have nothing to report in respect of these matters.
Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in respect of these matters.
9 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 INDEPENDENT AUDITOR'S REPORT
Responsibilities of directors As explained more fully in the statement of directors’ responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the strategic report and the directors’ report have/has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
Use of our report This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
David Holtam FCA (Senior Statutory Auditor) for and on behalf of Deloitte LLP, Statutory Auditor London, United Kingdom 30 September 2020
10 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2019
BP GLOBAL INVESTMENTS LIMITED 2019 2018 Note $000 $000 Dividend income 1,182,428 3,182,591 Administrative expenses (631) (10,273) Other operating income — 541 Loss on disposal of fixed asset investments 3 (1,326) (5,546) Profit on sale or termination of operations 4,760 — Impairment of fixed asset investments 9 (81,982) (41,322) Operating profit 3 1,103,249 3,125,991
Interest receivable and similar income 5 85,730 90,298 Interest payable and similar expenses 6 (210,164) (159,667) Profit before taxation 978,815 3,056,622
Tax on profit 7 (15,923) (18,120) Profit for the year 962,892 3,038,502
The profit of $962,892,000 for the year ended 31 December 2019 was derived in its entirety from continuing operations.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
2019 2018 $000 $000
Profit for the year 962,892 3,038,502
Other comprehensive income
Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit ) liability or asset — (18 — (18)
Other comprehensive income for the year net of tax — (18)
Total comprehensive income for the year 962,892 3,038,484
11 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 BALANCE SHEET
AT 31 DECEMBER 2019
BP GLOBAL INVESTMENTS LIMITED (Registered No.00263889) 2019 2018 Note $000 $000 Fixed assets Investments 9 16,737,445 16,355,036
Current assets Debtors – amounts falling due: within one year 10 49,945 905,194 after one year 10 699,638 634,440 Cash at bank and in hand 4,234 77,199 753,817 1,616,833
Creditors: amounts falling due within one year 11 (4,140,503) (5,049,222)
Net current liabilities (3,386,686) (3,432,389)
TOTAL ASSETS LESS CURRENT LIABILITIES 13,350,759 12,922,647
Creditors: amounts falling due after more than one year 11 (416,657 ) (425,479 )
Provisions for liabilities and charges Other provisions 13 (11,681 ) (16,639 )
NET ASSETS 12,922,421 12,480,529
Capital and reserves Called up share capital 14 127,427 127,427 Share premium account 15 298,361 298,361 Profit and loss account 15 12,496,633 12,054,741
TOTAL EQUITY 12,922,421 12,480,529
Authorized for issue on behalf of the Board
J A Hodgson Director 30 September 2020
12 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
BP GLOBAL INVESTMENTS LIMITED
Share Called up premium Profit and share capital account loss account (Note 14) (Note 15) (Note 15) Total $000 $000 $000 $000
Balance at 1 January 2018 127,427 298,361 11,881,257 12,307,045 Profit for the year — — 3,038,502 3,038,502 Other comprehensive income for the year — — (18) (18) Total comprehensive income for the year — — 3,038,484 3,038,484 Dividends paid (2,865,000) (2,865,000) Balance at 31 December 2018 127,427 298,361 12,054,741 12,480,529 Profit for the year — 962,892 962,892 Total comprehensive income for the year — — 962,892 962,892 Dividends paid (521,000) (521,000) Balance at 31 December 2019 127,427 298,361 12,496,633 12,922,421
13 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
BP GLOBAL INVESTMENTS LIMITED
1. Authorization of financial statements and statement of compliance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101)
The financial statements of BP Global Investments Limited for the year ended 31 December 2019 were approved by the board of directors on ______30 September 2020 and the balance sheet was signed on the board’s behalf by J A Hodgson. BP Global Investments Limited is a private company, limited by shares incorporated, domiciled and registered in England and Wales (registered number 00263889). The company's registered office is at Chertsey Road, Sunbury on Thames, Middlesex, TW16 7BP, United Kingdom. These financial statements were prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS 101) and the provisions of the Companies Act 2006.
2. Significant accounting policies, judgements, estimates and assumptions
The significant accounting policies and critical accounting judgements, estimates and assumptions of the company are set out below.
Basis of preparation
These financial statements have been prepared in accordance with FRS 101. The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for the assets.
The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated.
These financial statements are separate financial statements. The company has taken advantage of the exemption under s400 of the Companies Act 2006 not to prepare consolidated financial statements, because it is included in the group financial statements of BP p.l.c. Details of the parent in whose consolidated financial statements the company is included are shown in Note 19 to the financial statements.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to: (a) the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64 (o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations (b) the requirements of IFRS 7 Financial Instruments: Disclosures (c) the requirements of paragraphs 91 – 99 of IFRS 13 Fair Value Measurement (d) the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1 Presentation of Financial Statements (e) the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of paragraph 79(a)(iv) of IAS 1 (f) the requirements of IAS 7 Statement of Cash Flows (g) the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in relation to standards not yet effective (h) the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures (i) the requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member (j) the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c)-135(e) of IAS 36, Impairment of Assets
14 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Where required, equivalent disclosures are given in the group financial statements of BP p.l.c. The group financial statements of BP p.l.c. are available to the public and can be obtained as set out in Note 19.
The financial statements are presented in US dollars and all values are rounded to the nearest thousand dollars ($000), except where otherwise indicated.
Significant accounting policies: use of judgements, estimates and assumptions
Inherent in the application of many of the accounting policies used in preparing the financial statements is the need for management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the company are set out within the boxed text below, and should be read in conjunction with the information provided in the Notes to the financial statements.
Significant accounting policies
Going concern
At 31 December 2019 the company’s balance sheet had net current liabilities amounting to $3,386,686,000. The company was profitable in both the current and prior years, and the significant majority of the liabilities are due to other BP group companies. The directors' report provides detail of the directors intent to return the company to a net current assets position through replacing the overdraft financing in place with BP International Ltd with a $6bn long term loan.
The directors consider it appropriate to prepare the financial statements on a going concern basis as, despite the uncertainties deriving from the current economic environment, the company is in an overall net assets position and therefore will be able to meet its liabilities as they fall due for at least the next 12 months from the date these financial statements were approved.
For further detail on the directors' going concern assessment, please refer to the directors' report.
Foreign currency
The functional and presentation currency of the financial statements is US dollars. The functional currency is the currency of the primary economic environment in which an entity operates and is normally the currency in which the entity primarily generates and expends cash.
As the company is considered to be an intermediate holding company, and therefore an extension of its parent company, its functional currency is the same as its parent company.
Transactions in foreign currencies are initially recorded in the functional currency by applying the rate of exchange ruling at the date of the transaction. Where this is not practical and exchange rates do not fluctuate materially the average rate has been used. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange on the balance sheet date. Any resulting exchange differences are included in the profit and loss account, unless hedge accounting is applied. Non- monetary assets and liabilities, other than those measured at fair value, are not retranslated subsequent to initial recognition.
15 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Investments
Fixed asset investments in subsidiaries, joint ventures and associates are held at cost. The company assesses investments for an impairment indicator annually. If any such indication of possible impairment exists, the company makes an estimate of the investment’s recoverable amount. Where the carrying amount of an investment exceeds its recoverable amount, the investment is considered impaired and is written down to its recoverable amount.
Where these circumstances have reversed, the impairment previously made is reversed to the extent of the original cost of the investment.
All other fixed asset investments are stated in the financial statements at cost less provisions for impairment.
Interests in joint arrangements A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The company recognizes, on a line-by-line basis, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the company’s income from the sale of its share of the output and any liabilities and expenses that the company has incurred in relation to the joint operation.
Interests in associates An associate is an entity over which the company has significant influence, through the power to participate in the financial and operating policy decisions of the investee, but which is not a subsidiary or a joint arrangement.
Significant judgement: interests in other entities Judgement is required in assessing the level of control or influence over another entity in which the company holds an interest. Depending upon the facts and circumstances in each case, the company may obtain control, joint control or significant influence over the entity or arrangement. Transactions which give the company control of a business are business combinations. If the company obtains joint control of an arrangement, judgement is also required to assess whether the arrangement is a joint operation or a joint venture. If the company has neither control nor joint control, it may be in a position to exercise significant influence over the entity, which is then accounted for as an associate held at cost.
Significant judgements and estimates: impairment of investments Determination as to whether, and how much, an investment is impaired involves management estimates on highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, production profiles, reserves and resources, and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas and refined products.
For value in use calculations, future cash flows are adjusted for risks specific to the cash-generating unit and are discounted using a pre-tax discount rate. The pre-tax discount rate is based upon the cost of funding the group derived from an established model, adjusted to a pre-tax basis. Fair value less costs of disposal calculations use the post-tax discount rate. The discount rates applied in impairment tests are reassessed each year.
16 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
In 2019 the post-tax discount rate was 6% (2018 6%) and the pre-tax discount rate ranged from 7% to 13% (2018 9%) depending on the applicable tax rate in the geographic location of the asset. Where the asset is located in a country that is judged to be higher risk an additional premium of 1% to 4% was added to the discount rate (2018 2%). The judgement of classifying a country as higher risk and the applicable premium takes into account various economic and geopolitical factors. The long-term price assumptions used for investment appraisal are recommended by the BP group chief economist after considering a range of external price, and supply and demand forecasts under various energy transition scenarios. They are reviewed and approved by management. As a result of the current uncertainty over the pace of transition to lower-carbon supply and demand and the social, political and environmental actions that will be taken to meet the goals of the Paris climate change agreement, the forecasts and scenarios considered include those where those goals are met as well as those where they are not met. The assumptions below represent management’s best estimate of future prices; they do not reflect a specific scenario and sit within the range of the external forecasts considered. The long-term price assumptions used to determine recoverable amount based on value-in-use impairments tests are derived from the investment appraisal assumptions of $70 per barrel for Brent and $4 per mmBtu for Henry Hub gas, both in 2015 prices (2018 $75 per barrel and $4 per mmBtu respectively, in 2015 prices). These long-term prices are applied from 2025 and 2032 respectively (2018 both from 2024) and are inflated for the remaining life of the asset. The price assumptions used over the periods to 2025 and 2032 have been set such that there is a linear progression from our best estimate of 2020 prices, which were set after considering recent market prices, to the long-term assumptions. The majority of reserves and resources that support the carrying value of the company’s oil and gas properties are expected to be produced over the next 10 years. Average prices (in real 2015 terms) used to estimate cash flows over this period are $67 per barrel for Brent and $3.1per mmBtu for Henry Hub gas. Oil prices fell 10% in 2019 from 2018 due to trade tensions, a macroeconomic downturn, and a slight slowdown in oil demand. OPEC+ production restraint, unplanned outages, and sanctions on Venezuela and Iran kept prices from falling further. BP's long-term assumption for oil prices is slightly higher than the 2019 price average, based on the judgement that current price levels would not encourage sufficient investment to meet global oil demand sustainably in the longer term, especially given the financial requirements of key low-cost oil producing economies. US gas prices dropped by around 20% in 2019 compared to 2018. After an initial spike in January, they remained relatively low for much of the year due to a combination of strong associated gas production growth, and storage levels coming back to normal. US gas demand growth was much lower than the exceptional increase in 2018, while LNG exports continued to expand. BP's long-term price assumption for US gas is higher than recent market prices due to forecast rising domestic demand, rapidly increasing pipeline and LNG exports, and lowest cost resources being absorbed leading to production of more expensive gas, as well as requiring increased investment in infrastructure.
In cases where fair value less costs to sell is used to determine the recoverable amount of an asset, where recent market transactions for the asset are not available for reference, accounting judgements are made about the assumptions market participants would use when pricing the asset. Fair value less costs to sell may be determined based on similar recent market transaction data or using discounted cash flow techniques. Where discounted cash flow analyses are used to calculate fair value less costs to sell, estimates are made about the assumptions market participants would use when pricing the asset and the test is performed on a post-tax basis.
Financial assets
Financial assets are recognized initially at fair value, normally being the transaction price. In the case of financial assets not at fair value through profit or loss, directly attributable transaction costs are also included. The subsequent measurement of financial assets depends on their classification, as set out below. The company derecognizes financial assets when the contractual rights to the cash flows expire or the rights to receive cash flows have been transferred to a third party along with either substantially all of the risks and rewards or control of the asset. This includes the derecognition of receivables for which discounting arrangements are entered into.
17 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
The company classifies its financial assets as measured at amortized cost or fair value through profit or loss. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
Financial assets measured at amortized cost Financial assets are classified as measured at amortized cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. This category of financial assets includes trade and other receivables.
Investments in equity instruments Investments in equity instruments are subsequently measured at fair value through profit or loss unless an election is made on an instrument-by-instrument basis to recognize fair value gains and losses in other comprehensive income. The company does not have any investments for which this election has been made.
Impairment of financial assets measured at amortized cost
The company assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortized cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the company is exposed to credit risk. As lifetime expected credit losses are recognized for trade receivables and the tenor of substantially all of other in-scope financial assets is less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the company. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset's carrying amount and the present value of the future cash flows the company expects to receive, discounted at the financial asset's original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognized in the profit and loss account.
A financial asset or group of financial assets classified as measured at amortized cost is considered to be credit- impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the company has no reasonable expectation of recovering amounts due.
Financial liabilities
The measurement of financial liabilities is as follows:
Financial liabilities measured at amortized cost Financial liabilities are initially recognized at fair value, net of directly attributable transaction costs. For interest- bearing loans and borrowings this is typically equivalent to the fair value of the proceeds received net of issue costs associated with the borrowing.
After initial recognition, these financial liabilities are subsequently measured at amortized cost. This category of financial liabilities includes trade and other payables and finance debt.
Offsetting of financial assets and liabilities
Financial assets and liabilities are presented gross in the balance sheet unless both of the following criteria are met: the company currently has a legally enforceable right to set off the recognized amounts; and the company intends to either settle on a net basis or realize the asset and settle the liability simultaneously. If both of the criteria are met, the amounts are set off and presented net. A right of set off is the company’s legal right to settle an amount payable to a creditor by applying against it an amount receivable from the same counterparty. The relevant legal jurisdiction and laws applicable to the relationships between the parties are considered when assessing whether a current legally enforceable right to set off exists.
18 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Provisions and contingent liabilities
Provisions are recognized when the company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where appropriate, the future cash flow estimates are adjusted to reflect the risks specific to the liability.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. Where discounting is used, the increase in the provision due to the passage of time is recognized in the profit and loss account. Provisions are discounted using a nominal discount rate of 2.5% (2018 3.0%).
Contingent liabilities are possible obligations whose existence will only be confirmed by future events not wholly within the control of the company, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of economic resources is considered remote.
Taxation
Income tax expense represents the sum of current tax and deferred tax.
Income tax is recognized in the profit and loss account, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive income or directly in equity.
Current tax is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it is determined in accordance with the rules established by the applicable taxation authorities. It therefore excludes items of income or expense that are taxable or deductible in other periods as well as items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is provided, using the balance sheet method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognized for all taxable temporary differences except: • Where the deferred tax liability arises on the initial recognition of goodwill. • Where the deferred tax liability arises on the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. • In respect of taxable temporary differences associated with investments in subsidiaries and associates and interests in joint arrangements, where the company is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognized for deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. An exception is where the deferred tax asset relates to the deductible temporary difference arising from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.
In respect of deductible temporary differences associated with investments in subsidiaries and associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the
19 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable or increased to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities simultaneously.
Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the company's proposed tax treatment, income taxes are recognized consistent with the company's income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty.
Judgement is required when determining whether a particular tax is an income tax or another type of tax (for example a production tax). Accounting for deferred tax is applied to income taxes as described above, but is not applied to other types of taxes; rather such taxes are recognized in the profit and loss account in accordance with the applicable accounting policy such as Provisions and contingent liabilities.
Interest income
Interest income is recognized as the interest accrues using the effective interest rate – that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset.
Dividend income
Dividend income from investments is recognized when the shareholders’ right to receive the payment is established.
Finance costs
All finance costs are recognized in the profit and loss account in the period in which they are incurred.
Dividends payable
Final dividends are recorded in the financial statements in the year in which they are approved by the company’s shareholders. Interim dividends are recorded in the year in which they are approved and paid.
Impact of new International Financial Reporting Standards
The company adopted IFRS 16 ‘Leases’, which replaced IAS 17 ‘Leases’ and IFRIC 4 ‘Determining whether an arrangement contains a lease’, with effect from 1 January 2019. There are no other new or amended standards or interpretations adopted during the year that have a significant impact on the financial statements.
The adoption of IFRS 16 has had no material impact on the company's financial statements.
20 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
3. Operating profit
This is stated after charging / (crediting): 2019 2018 $000 $000 Net foreign exchange (gains) / losses * (563) 2,793 Impairment of investments (Note 9) 81,982 41,322 Loss on disposal of fixed asset investments** 1,326 5,546 Loss on sale or termination of operations 3,900 — Profit on sale or termination of operations (8,660) — * Amount is included in administrative expenses ** The loss on disposal of fixed asset investments of $1,326,000 related to the disposal of a 50% interest in Estonian Aviation Fuelling Services. *** The loss on sale or termination of operations of $3,900,000 relates to the liquidation of BP Maritime Services (Isle of Man) Limited. **** The profit on sale or termination of operations of $8,660,000 relates for $4,986,000 to the current year movement in the tax indemnity provision for Aker BP, a subsidiary sold by the company to BP Exploration Operating Company Limited in 2017 and for $3,674,000 to the winding up of Nordic Lubricants Oy.
4. Auditor’s remuneration 2019 2018 $000 $000 Fees for the audit of the company 50 50
Fees paid to the company's auditor, Deloitte LLP and its associates for services other than the statutory audit of the company are not disclosed in these financial statements since the consolidated financial statements of BP Global Investment Limited’s ultimate parent, BP p.l.c., are required to disclose non-audit fees on a consolidated basis.
The fees were borne by another group company.
5. Interest receivable and similar income 2019 2018 $000 $000 Interest income from amounts owed by group undertakings 85,281 90,298 Interest income from other financial assets measured at amortized cost 449 — Total interest receivable and similar income 85,730 90,298
6. Interest payable and similar expenses 2019 2018 $000 $000 Interest expense on: Loans from group undertakings 210,164 159,667
21 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
7. Taxation
The company is a member of a group for the purposes of relief within Part 5, Corporation Tax Act 2010.
The taxation charge in the profit and loss account is made up as follows: 2019 2018
Current tax UK tax underprovided in prior years 442 211 Overseas tax on income for the year 15,481 17,909 Total current tax charged 15,923 18,120
Tax charged on profit 15,923 18,120
(a) Reconciliation of the effective tax rate
The tax assessed on the profit for the year is lower than the standard rate of corporation tax in the UK of 19% for the year ended 31 December 2019 (2018 19%). The differences are reconciled below: 2019 2018 UK UK $000 $000 Profit before tax 978,815 3,056,622 Tax charge 15,923 18,120 Effective tax rate 2% 1%
2019 2018 UK UK % % UK corporation tax rate: 19 19
Increase / (decrease) resulting from: Fixed asset differences 2 — Overseas tax 2 1 Free group relief 2 1 Dividends not subject to UK tax (23) (20) Effective tax rate 2 1
The reconciling items shown above are those that arise for UK corporation tax purposes, rather than overseas tax purposes.
Change in corporation tax rate A reduction in the UK corporation tax rate from 19% to 17% (effective 1 April 2020) was substantively enacted on 6 September 2016, and the UK deferred tax asset/(liability) as at 31 December 2019 has been calculated based on this rate. The March 2020 Budget announced that a rate of 19% would continue to apply with effect from 1 April 2020, and this change was substantively enacted on 17 March 2020.
Deferred tax has not been recognised on deductible temporary differences relating to tax losses of $107,189,000 (2018 $106,385,000) with no fixed expiry date on the basis that they are not expected to give rise to any future tax benefit.
22 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
8. Directors and employees
(a) Remuneration of directors
None of the directors received any fees or remuneration for qualifying services as a director of the company during the financial year (2018 Nil).
(b) Employee costs
The company had no employees during the year (2018 None).
9. Investments Investments in Loans to associates / associates / Investment in joint joint Other subsidiaries ventures ventures investments Total Cost $000 $000 $000 $000 $000 At 1 January 2018 18,110,164 2,282,120 6,202 100,000 20,498,486 Additions 2,375,692 100,156 — 1,000 2,476,848 Disposals (155) (1,780,246) — — (1,780,401) Transfers 5,365 (5,365) — — — At 31 December 2018 20,491,066 596,665 6,202 101,000 21,194,933
At 1 January 2019 20,491,066 596,665 6,202 101,000 21,194,933 Additions 391,423 83,035 — — 474,458 Disposals (10,067) — — — (10,067) Transfers (228) 228 — — — At 31 December 2019 20,872,194 679,928 6,202 101,000 21,659,324
Impairment losses At 1 January 2018 4,765,502 34,510 — — 4,800,012 Charge for the year 41,322 — — — 41,322 Disposals — (1,437) — — (1,437) At 31 December 2018 4,806,824 33,073 — — 4,839,897
At 1 January 2019 4,806,824 33,073 — — 4,839,897 Charge for the year 36,257 45,725 — — 81,982 At 31 December 2019 4,843,081 78,798 — — 4,921,879
Net book amount At 31 December 2019 16,029,113 601,130 6,202 101,000 16,737,445
At 31 December 2018 15,684,242 563,592 6,202 101,000 16,355,036
The investments in subsidiaries, associates and joint ventures are all stated at cost less provision for impairment.
The investments in the subsidiary, associated undertakings and joint ventures are unlisted.
23 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
The company was required to perform an impairment review of its investments in the year. As a result of this review, an impairment charge of $81,982,000 was recognised as an impairment of fixed asset investments in the profit and loss account. This charge included $80,655,000 related to the investments in PT BP Petrochemicals Indonesia and BP Zhuhai Chemical Company Limited. These investments were written down to the values allocated to them for the transfer to another BP group undertaking as part of the global petrochemicals business sale announced by the BP group on 29 June 2020. The remaining balance of $1,327,000 related to the impairment of the investment held in Estonian Aviation Fuelling Services as the company sold 50% of its interest to NordicJet and reduced the value of its remaining 50% interest to the cash consideration received in the deal.
The subsidiary and other undertakings of the company at 31 December 2019 and the percentage of equity capital held set out below are the investments which principally affected the profits or net assets of the company. The principal country of operation is generally indicated by the company's country of incorporation or by its name.
All voting rights are equal to percentage of share capital owned unless otherwise noted below.
Subsidiary undertakings Class of Principal Company name share held % Registered address activity Avenida Rouxinol, 55 , Offices Air BP Brasil Ltda Ordinary 100.00 501-514 , Moema Office Tower, São Aviation Paulo, 04516 - 000, Brazil BP (Barbados) Holding Erin Court, Bishop's Court Hill, St. Investment SRL Ordinary 100.00 Michael , Barbados holdings Room 2101 21F Youyou International Plaza BP (China) Holdings 76 Pujian Road, Pudong, Shanghai Investment Limited Ordinary 100.00 Pilot Free Trade Zone holdings China
Chertsey Road, Sunbury on Thames, BP Advanced Mobility Ordinary 100.00 Middlesex, TW16 7BP, United Investment Limited Kingdom holdings Unit 807, Tower B, Manulife Financial BP Asia Limited Ordinary 100.00 Centre, 223 Wai Yip Street, Kwun Investment Tong, Kowloon, Hong Kong holdings Chertsey Road, Sunbury on Thames, BP Asia Pacific Holdings Ordinary 100.00 Middlesex, TW16 7BP, United Investment Limited Kingdom holdings BP Australia Investments Level 17, 717 Bourke Street, Investment Pty Ltd Ordinary 100.00 Docklands VIC, Australia holdings BP Chemicals East Chertsey Road, Sunbury on Thames, China Investments Ordinary 100.00 Middlesex, TW16 7BP, United Investment Limited Kingdom holdings BP Espana, S.A. Refining & Unipersonal Ordinary 100.00 Avenida de Barajas 30, Madrid, Spain marketing BP Estaciones y Servicios Energéticos, Avenida Santa Fe 505, Piso 10, Sales markeing Sociedad Anónima de Ordinary 100.00 Distrito Federal , Mexico C.P. 0534, & distribution Capital Variable Mexico Überseeallee 1, 20457, Hamburg, Investment BP Europa SE Ordinary 99.99 Hamburg, Germany holdings Immeuble Le Cervier, 12 Avenue des BP France Ordinary 100.00 Béguines, Cergy Saint Christophe, Refining & 95866, Cergy Pontoise, France marketing
24 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Class of Principal Company name share held % Registered address activity Chertsey Road, Sunbury on Thames, BP Greece Limited Ordinary 100.00 Middlesex, TW16 7BP, United Investment Kingdom holdings P.O.Box 1699, Dubai, 1699, United BP Middle East LLC Ordinary 99.00 Arab Emirates Petrochemicals Degirmen yolu cad. No:28 , Asia BP Petrolleri Anonim Ordinary 100.00 OfisPark K:3 İcerenkoy-Atasehir, Refining & Sirketi Istanbul, 34752, Turkey marketing Chertsey Road, Sunbury on Thames, BTC Pipeline Holding Ordinary 100.00 Middlesex, TW16 7BP, United Investment Company Limited Kingdom holdings Chertsey Road, Sunbury on Thames, BP Pipelines (SCP) Ordinary 100.00 Middlesex, TW16 7BP, United Investment Limited Kingdom holdings BP Portugal - Comercio de combustiveis e Ordinary 99.99 Lagoas Park, Edificio 3, Porto Salvo, Refining & Lubrificantes S.A. Oeiras, Portugal marketing BP House, 10 Junction Avenue, BP Southern Africa Ordinary 75.00 Parktown, Johannesburg, 2193, South Refining & Proprietary Limited Africa marketing Da Ping Harbour, Lin Gang Industrial BP Zhuhai Chemical Ordinary 75.80 Zone, Zhuhai City, Guangdong Petrochemicals Company Limited Province, China Chertsey Road, Sunbury on Thames, Guangdong Investments Ordinary 100.00 Middlesex, TW16 7BP, United Investment Limited Kingdom holdings Chertsey Road, Sunbury on Thames, Pearl River Delta Ordinary 100.00 Middlesex, TW16 7BP, United Investment Investments Limited Kingdom holdings Associated undertakings Class of Principal Company name share held % Registered Address activity Room A17th Floor, No.22 Gangkou BP PetroChina Ordinary 49.00 Road, Jiangmen, Guangdong Province, Petrochemicals Petroleum Co., Ltd China Praia do Flamengo, 66A 13th Floor, Gás Natural Açu S.A Ordinary 30.00 Rio de Janeiro, RJ, Brazil. CEP LNG 22210-030 20th Floor Summitmas II Jl., Jend. PT BP Petrochemicals Ordinary 50.00 Sudirman Kav. 61 - 62, Jakarta, Petrochemicals Indonesia Selatan, Indonesia United Gas Derivatives Company "UGDC" Ordinary 33.33 55 Road 18, Maadi, Cairo, Egypt Gas & power
For a full list of significant related undertakings, please see Note 20.
25 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
10. Debtors
Amounts falling due within one year: 2019 2018 $000 $000 Trade debtors 2,997 2,900 Amounts owed from fellow subsidiaries 46,304 902,193 Other debtors 644 101 49,945 905,194
Amounts falling due after one year: 2019 2018 $000 $000 Amounts owed from fellow subsidiaries — 11 Other debtors 13,174 12,873 Loans to group undertakings 686,464 621,556 699,638 634,440
749,583 1,539,634
The loans to group undertakings comprise fixed interest and floating rates loan of $686 million (2018 $622 million). On floating rates loans interest is charged at IBOR plus a margin. The interest rate at year end ranged between 1.71% to 9.54%.
11. Creditors
Amounts falling due within one year: 2019 2018 $000 $000 Amounts owed to fellow subsidiaries 4,137,281 54,311 Other creditors 254 943 Taxation 2,103 905 Accruals 865 11,716 Loans from group undertakings (Note 12) — 4,980,000 Bank overdraft — 1,347 4,140,503 5,049,222
Amounts falling after one year: 2019 2018 $000 $000 Amounts owed to fellow subsidiaries — 2 Loans from group undertakings (Note 12) 416,657 425,477 416,657 425,479
4,557,160 5,474,701
Materially all of the company's trade payables have payment terms in the range of 30 to 60 days and give rise to operating cash flows.
DT 26 DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Included in the amount owed to fellow subsidiaries is the previous loan between the company and BP International Limited (BPI) of $4,980 million. The loan matured on 20/12/2019, it was not repaid but was transferred to the current Internal Funding Account (IFA) with BPI, resulting in an overall net IFA creditor balance toward BPI of $4,093 million. The interest charged on the IFA was based on at 1 month LIBOR plus 0.15% for 2019 (2018 margin: 0.13%).
On 24 September 2020, the management of BP International Ltd approved the issue of a new loan facility of $6bn on a 7 year term, priced at interest rates similar to the market rate.
12. Loans
Loans repayable, included within creditors, are analysed as follows:
Within 5 years 2019 2018 $000 $000 Wholly repayable 146,525 5,145,206
After 5 years 2019 2018 $000 $000 Wholly repayable 270,132 260,271
The loan between the company and BP International Limited (BPI) of $4,980 million matured on 20/12/2019, it was not repaid but was transferred on to the IFA account with BPI, making up the overall net IFA creditor balance toward BPI (Note 11).
Interest rates on borrowings repayable wholly or partly more than five years from 31 December 2019 range from 7.3% to 8.41% with a weighted average of 7.47%.
13. Other provisions
Other $000 At 1 January 16,639 Exchange adjustments 28 Write-back of unused provisions (4,986) At 31 December 11,681
The provision represents a Norwegian tax indemnity provided by the company on behalf of BP Norge AS in relation to the investment in Aker BP ASA. During 2016 the company disposed of its 48% interest in BP Norge to Det norske (DET), a Norwegian listed company. The company received cash proceeds from DET as well as shares in the newly merged Aker BP ASA (BP Norge and DET). In 2017 the company sold its investment in Aker BP ASA to BP Exploration Operating Company Limited . The BP group remains liable for any tax above the tax exposure of NOK 192 million as reported in BP Norge’s 2015 financial statements immediately prior to the formation of Aker BP ASA.
The total estimated pre-2016 tax exposure at 31 December 2019 was NOK 405 million. The excess balance of NOK 213 million (equivalent to $24 million) represents BP group's liability. The company has a 48% share of such provision, being its former share of BP Norge AS, equivalent to $12 million. The decrease of $5 million is the write back of the unused provision following its quarterly re-assessment.
27 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
14. Called up share capital
2019 2018 $000 $000 Issued and fully paid: 2 ordinary shares of £1 each for a total nominal value of £2 — — 127,427,042 ordinary shares of $1 each for a total nominal value of $127,427,042 127,427 127,427 127,427 127,427
15. Reserves
Called up share capital The balance on the called up share capital account represents the aggregate nominal value of all ordinary shares in issue.
Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary shares.
Profit and loss account The balance held on this reserve is the retained profits of the company.
16. Guarantees and other financial commitments
The company has issued guarantees under which amounts outstanding at 31 December 2019 were $660,000,000 (2018 $660,000,000) in respect of borrowings by its subsidiary undertakings. No material losses are likely to arise from these guarantees.
17. Related party transactions
The company has taken advantage of the exemption contained within paragraphs 8(k) and (j) of FRS 101, and has not disclosed transactions entered into with wholly-owned group companies or key management personnel.
During the year the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 31 December, are as follows: Dividends Amounts from related owed from Related party party related party $000 $000 Abu Dhabi Gas Liquefaction Co. Ltd Associate Gas & power 2019 50,746 — 2018 52,884 —
Aker BP ASA Associate Oil exploration 2019 — — 2018 33,746 —
28 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
BP PetroChina Petroleum Co. Ltd Associate Petrochemicals 2019 30,704 — 2018 32,080 —
BP Southern Africa Proprietary Limited Subsidiary Refining and marketing 2019 21,726 322,050 2018 28,448 301,048
Formosa BP Chemicals Corporation Associate Petrochemicals 2019 22,319 — 2018 11,723 —
South China Bluesky Aviation Co., Ltd Associate Aviation services 2019 — — 2018 39,152 —
United Gas Derivatives Company Associate Gas & power 2019 12,473 — 2018 36,970 —
18. Post balance sheet events
Since 31 December 2019, oil and gas prices have fallen sharply in large part due to the impact of the international spread of COVID-19 (Coronavirus) and geopolitical factors. The impact of COVID-19 and the current economic environment on the basis of preparation of these financial statements has been considered. The directors continue to consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Further details are provided in the Directors' Report under Going Concern. This is a non-adjusting event for the financial statements for the period ending 31 December 2019.
On 12 June 2020 the company, together with Kenilworth Oil Company Limited, established a subsidiary registered in India named BP Business Solutions India Private Limited which will assume, from a new centre in Pune India, operational ownership of end-to-end process transformation and digital solutions. The company subscribed to 9,999 ordinary shares of INR 10 each for a consideration of INR99,990. On 13 August 2020 there was a further capital injection of $10m in order to meet the funding requirement of the new centre.
On 15 June 2020 BP issued a press release detailing revised investment appraisal long-term oil and gas price assumptions used in tangible assets impairment testing. The revised long-term price assumptions used to determine recoverable amount based on value-in-use impairment tests are an average of $55/bbl for Brent and $2.90 per MMBtu for Henry Hub for the period of 2021-2050 (in 2020 prices). Impairment tests have been performed for the purposes of the BP Plc group financial statements as at 30 June 2020. As a result of the revised long-term price assumptions and a review of the long-term strategic plan, management also reviewed BP's
29 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
exploration prospects and the carrying value of the associated intangible assets. The outcome of the review has resulted in revised judgements over the expectations to extract value from certain prospects. Impairment charges related to tangible, exploration and appraisal assets may be recognised in subsidiary undertakings of the company, though this is not currently expected. As these revisions and impairments relate to events and circumstances arising since 31 December, this is non-adjusting event for the financial statements for the period ending 31 December 2019. A review of the impact of any impairments on the carrying value of the investments held by BP Global Investments Limited, and the recognition of any resulting impairment charges, will be included in the financial statements for the year ended 31 December 2020.
On 29 June 2020 BP announced that it has agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion, subject to customary adjustments. The sale agreement includes the whole of BP’s aromatic and acetyls businesses, including assets, technology and licences, as well as related assets. Subject to regulatory and other approvals, the transaction is expected to complete by the end of 2020. Certain of the investments held by the company, their assets and intellectual property will be included within the sale. This is a non-adjusting event for the financial statements for the period ending 31 December 2019.
On 9 July 2020 the company acquired 49% interest in Reliance BP Mobility Limited, a joint venture with Reliance Industries Limited encompassing retail and aviation businesses in India, for a cash consideration of $1,020m.
On 24 September 2020, the management of BP International Limited approved the issue of a loan facility of $6bn on a 7 year term, priced at interest rates similar to the market rate. The issue of this long-term funding will restore the company's balance sheet to a net current assets position.
19. Immediate and ultimate controlling parent undertaking
The immediate and ultimate controlling parent undertaking is BP p.l.c., a company registered in England and Wales, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements of BP p.l.c. can be obtained from its registered address: 1 St James’s Square, London, SW1Y 4PD.
20. Related undertakings
Disclosed below is a full list of related undertakings in which the company holds an interest of 20% or greater, along with the registered address and the percentage of share capital owned as at 31 December 2019.
All voting rights are equal to percentage of share capital owned unless otherwise noted below. Unless otherwise stated, the share capital disclosed comprises ordinary shares or common stock (or local equivalent thereof) held by the company. Direct / Related undertaking Holdings % Registered address Indirect A Flygbranslehantering AB (AFAB) 25.00 Box 135, 190 46 Arlanda, Sweden Indirect ABG Autobahn-Betriebe GmbH 32.58 Brucknerstraße 4, 1041 Wien, Austria Indirect d'Arcyweg 76, 3198 NA Europoort Actomat B.V. 100.00 Rotterdam, Netherlands Indirect Level 17, 717 Bourke Street, Advance Petroleum Holdings Pty Ltd 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street, Advance Petroleum Pty Ltd 77.18 Docklands VIC, Australia Indirect AGES International GmbH & Co. Berghausener Straße 96, 40764 KG, Langenfeld 24.70 Langenfeld, Germany Indirect AGES Maut System GmbH & Co. Berghausener Straße 96, 40764 KG, Langenfeld 24.70 Langenfeld, Germany Indirect
30 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Air BP Albania Sh.A., Aeroporti Nderkombetar i Tiranes, “Nene Air BP Albania SHA 99.99 Tereza”, Post Box 2933 in Tirana, Indirect Albania Avenida Rouxinol, 55 , Offices Air BP Brasil Ltda. 100.00 501-514 , Moema Office Tower, São Direct Paulo, 04516 - 000, Brazil Patricio Raby Benavente, Moneda N° Air BP Copec S.A. 51.00 920 Of 205, Santiago, Chile Direct Air BP Croatia d.o.o. 100.00 Savska cesta 32, Zagreb, Croatia Direct Air BP Finland Oy 100.00 Öljytie 4, 01530 Vantaa, Finland Indirect Air BP Iceland 100.00 Armula 24, 108, Reykjavik, Iceland Direct Air BP Italia Spa 50.00 Via Sardegna 38, 00187, Roma, Italy Indirect Chertsey Road, Sunbury on Thames, Air BP Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Drammensveien 167, Oslo, 0277 , Air BP Norway AS 100.00 Norway Direct Avenida Ricardo Rivera Navarrete Air BP PBF del Peru S.A.C. 50.00 n.501 / room 1602, Lima, Peru, Peru Direct Av. Anita Garibaldi, n.252, 2o floor, Air BP Petrobahia Ltda. 50.00 Ala Sul, Federação, Salvador, Bahia, Indirect 40210-750, Brazil 59 Aurel Vlaicu Street, Otopeni, Ilfov Air BP Sales Romania S.R.L. 99.99 County, Romania Indirect Box 8107, 10420, Stockholm, Air BP Sweden AB 100.00 Sweden Direct 17 Level, 717 Bourke Street, Air Refuel Pty Ltd 77.18 Docklands, Melbourne VIC 3008, Indirect Australia Oude Vijfhuizerweg 6, 1118LV Aircraft Fuel Supply B.V. 28.57 Luchthaven, Schiphol, Netherlands Indirect Trabrennstraße 6-8 3, A-1020, Wien, Aircraft Refuelling Company GmbH 33.33 Austria Indirect Level 17, 717 Bourke Street, Allgreen Pty Ltd 77.18 Docklands VIC, Australia Indirect Yakuplu Mahallesi Genc, Osman Ambarli Depolama Hizmetleri 50.00 Caddesi, No.7 Beylikdüzü, Istanbul, Indirect Limited Sirketi Turkey Luisenstraße 5 a, 26382 Ammenn GmbH 74.99 Wilhelmshaven, Germany Indirect 16192 Coastal Highway Sussex County Aparecida I Power Holding LLC 25.00 Lewes DE 19958 Direct United States Riyadh Airport Road, Business Gate, Arabian Production And Marketing 50.00 Building C2, 2nd Floor. , Saudi Direct Lubricants Company Arabia Wittener Straße 45, 44789 Bochum, Aral Aktiengesellschaft 99.99 Germany Indirect Bâtiment B, 36route de Longwy, Aral Luxembourg S.A. 99.99 L-8080 Bertrange, Luxembourg Indirect
31 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Autoroute A3/E25, L-3325 Berchem Aral Services Luxembourg Sarl 99.99 Ouest, Luxembourg Indirect Bâtiment B, 36route de Longwy, Aral Tankstellen Services Sarl 99.99 L-8080 Bertrange, Luxembourg Indirect RL&F Service Corp, , 920 North Atlantic 1 Holdings LLC 34.00 King Street, 2nd Floor, , Wilmington Indirect DE 19801, United States RL&F Service Corp, , 920 North Atlantic 4 Holdings LLC 37.78 King Street, 2nd Floor, , Wilmington Indirect DE 19801, United States Princes Court, Cor. Pembroke & Atlantic LNG 4 Company of Trinidad 37.78 Keate Street, Port-of-Spain, Trinidad Indirect and Tobago Unlimited and Tobago Princes Court, Cor. Pembroke & Atlantic LNG Company of Trinidad 34.00 Keate Street, Port-of-Spain, Trinidad Indirect and Tobago and Tobago Maracaibo Drive, Point Lisas Atlas Methanol Company Unlimited 36.90 Industrial Estate, Point Lisas, Indirect Trinidad and Tobago Australasian Lubricants Building 1, 747 Lytton Road, Manufacturing Company Pty Ltd 38.59 Murarrie QLD 4172, Australia Indirect Level 3, Unit 3, 22 Albert Road, Australian Terminal Operations 38.59 South Melbourne VIC 3205, Indirect Management Pty Ltd Australia 2 World Business Centre Heathrow, Newall Road, London Heathrow Aviation Service (Iraq) Limited 40.00 Airport, Hounslow, TW6 2SF, United Indirect Kingdom Wittener Straße 45, 44789 Bochum, B2Mobility GmbH 99.99 Germany Indirect 17 Level, 717 Bourke Street, BASS Management Pty Ltd 39.36 Docklands, Melbourne VIC 3008, Indirect Australia Saganer Straße 31, 90475 Nürnberg, Beer GmbH 50.00 Germany Indirect Beer GmbH & Co. Mineralol- Saganer Straße 31, 90475 Nürnberg, Vertriebs-KG 50.00 Germany Indirect BGFH Betankungs-Gesellschaft Sportallee 6, 22335 Hamburg, Frankfurt-Hahn GbR 50.00 Germany Indirect GA Centervej 1, DK-7190, Billund, Billund Refuelling I/S 50.00 Denmark Indirect 135 Honshu Road, Islandview, Blendcor (Pty) Limited 37.50 Durban, 4052, South Africa Indirect Erin Court, Bishop's Court Hill, St. BP (Barbados) Holding SRL 100.00 Michael , Barbados Direct Room 2101, 21F Youyou International Plaza, 76 Pujian Road, BP (China) Holdings Limited 100.00 Pudong, Shanghai Pilot Free Trade Direct Zone, PRC No.9 Bin Jiang South Road, BP (China) Industrial Lubricants Petrochemical Industrial Park, Limited 100.00 Taicang Gangkou Development Direct Zone, Jiangsu Province, China
32 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Room 1218, Building 3, No. 6 BP (Guangzhou) Advanced Mobility Hanxing San jie, Zhongcun Street, Limited 100.00 Panyu District, Guangzhou, Indirect Guangdong Province , China Room 1001, 10th Floor, Building A2, BP (Hunan) Petroleum Company Xiangjiang Times Business Square, Limited 100.00 No.179 Xiandao Road, Yuelu Direct District, Changsha, Hunan, China Room 1-2201, Sijian Meilin Mansion, No. 48-15 Wuyingshan BP (Shandong) Petroleum Co., Ltd 100.00 Middle Road, Tianqiao District, Direct Ji'nan, Shandong, China Room 2105, No. 28 Maji Road, Donghua Financial Building, China BP (Shanghai) Trading Limited 100.00 (Shanghai) Pilot Free Trade, Indirect Shanghai, 200131, China Chertsey Road, Sunbury on Thames, BP Advanced Mobility Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Degirmen Yolu Cad. No:28 Asia Ofis BP Akaryakit Ortakligi 70.00 Park K:3 , Icerenky - Atasehir, Indirect Istanbul, 34752, Turkey Rijndwarsweg 3, 3198 LK Europoort, BP AOC Pumpstation Maatschap 50.00 Rotterdam, Netherlands Indirect Unit 807, Tower B, Manulife BP Asia Limited 100.00 Financial Centre, 223 Wai Yip Street, Direct Kwun Tong, Hong Kong Level 9, Tower 5, Avenue 7,, The Horizon Bangsar South City,, No. 8, BP Asia Pacific (Malaysia) Sdn. Bhd. 100.00 Jalan Kerinchi,, 59200 Kuala Indirect Lumpur, Malaysia Chertsey Road, Sunbury on Thames, BP Asia Pacific Holdings Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Level 17, 717 Bourke Street, BP Australia Capital Markets Limited 100.00 Docklands VIC, Australia Direct BP Australia Employee Share Plan Level 17, 717 Bourke Street, Proprietary Limited 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street, BP Australia Group Pty Ltd 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street, BP Australia Investments Pty Ltd 100.00 Docklands VIC, Australia Direct BP Australia Nominees Proprietary Level 17, 717 Bourke Street, Limited 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street , BP Australia Pty Ltd 77.18 Docklands VIC 3008, Australia Indirect Level 17, 717 Bourke Street, BP Australia Shipping Pty Ltd 76.41 Docklands VIC, Australia Indirect Avenida das Nações Unidas, 12399, BP Biocombustíveis S.A. 84.76 4fl, Sao Paulo, Brazil Indirect Rua Principal, Fazenda Recanto, Zona Rural, Caixa Postal 01, BP Bioenergia Campina Verde Ltda. 42.38 Ituiutaba, Minas Gerais, 38.300-898, Indirect Brazil
33 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Fazenda Recanto, Zona Rural, CEP BP Bioenergia Ituiutaba Ltda. 42.38 38.300-898, Ituiutaba, Minas Gerais, Indirect Brazil Estrada Municipal Itumbiara / Chacoeira Dourada, Fazenda Jandaia, BP Bioenergia Itumbiara S.A. 42.38 Gleba B, Itumbiara, Goiás, Indirect 75516-126, Brazil Rodovia GO 410, km 51 à esquerda, BP Bioenergia Tropical S.A. 42.38 Fazenda Canadá, s/n, Zona Rural, Indirect Edéia, Goiás, 75940-000, Brazil Chertsey Road, Sunbury on Thames, BP Biofuels Brazil Investments 100.00 Middlesex, TW16 7BP, United Indirect Limited Kingdom Avenida das Nações Unidas, 12.399 , BP Biofuels Trading Comércio, 42.38 4º andar, cj. 41B, sala 01, São Paulo, Indirect Importação e Exportação Ltda. Brazil Level 17, 717 Bourke Street, BP Bulwer Island Pty Ltd 77.18 Docklands VIC, Australia Indirect Avenida das Nações Unidas, nº BP Bunge Bioenergia S.A. 42.38 12.399, 4º andar, Brooklin Paulista, Indirect São Paulo, CEP 04578-000, Brazil Level 9, Tower 5, Avenue 7, The BP Business Service Centre Asia Sdn Horizon Bangsar South City, No. 8, Bhd 100.00 Jalan Kerinchi, 59200 Kuala Lumpur, Indirect Malaysia BP Business Service Centre KFT, BP Business Service Centre KFT 100.00 32-34 Soroksári út, H-1095 Direct Budapest, Hungary BP Capellen Sarl 99.99 Aire de Capellen, L-8309 Capellen Indirect Chertsey Road, Sunbury on Thames, BP Chemicals East China Investments 100.00 Middlesex, TW16 7BP, United Direct Limited Kingdom Level 17, 717 Bourke Street, BP CIV Pty Ltd 77.18 Docklands VIC 3008, Australia Indirect Chertsey Road, Sunbury on Thames, BP Continental Holdings Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Level 15, 240 St Georges Terrace, BP Developments Australia Pty. Ltd. 77.18 Perth WA 6000, Australia Indirect Chertsey Road, Sunbury on Thames, BP Eastern Mediterranean Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom 1 Wellheads Avenue, Dyce, BP Energy Europe Limited 100.00 Aberdeen, AB21 7PB Direct Avenida de Barajas 30, Madrid, BP Espana, S.A. Unipersonal 100.00 Madrid, Spain Direct Rijndwarsweg 3, 3198 LK Europoort, BP Esso AOC Maatschap 22.80 Rotterdam, Netherlands Indirect Rijndwarsweg 3, 3198 LK Europoort, BP Esso Pipeline Maatschap 50.00 Rotterdam, Netherlands Indirect BP Estaciones y Servicios Avenida Santa Fe 505, Piso 10, Energéticos, Sociedad Anónima de 100.00 Distrito Federal , MEXICO C.P. Direct Capital Variable 0534, Mexico
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Direct / Related undertaking Holdings % Registered address Indirect Überseeallee 1, 20457, Hamburg, BP Europa SE 99.99 Hamburg, Germany Direct Av. Francisco de Miranda, con primera avenida de Los Palos , Grandes, Edif Cavendes, piso 9, ofi BP Exploracion de Venezuela S.A. 99.99 903, Los Palos Grandes, Chacao / Indirect Caracas, Caracas / Miranda, 1060, Venezuela, Bolivarian Republic of Level 15, 240 St Georges Terrace, BP Exploration Australia Pty Ltd 100.00 Perth WA 6000, Australia Indirect Chertsey Road, Sunbury on Thames, BP Exploration Personnel Company 100.00 Middlesex, TW16 7BP, United Direct Limited Kingdom Level 17, 717 Bourke Street, BP Finance Australia Pty Ltd 77.18 Docklands VIC, Australia Indirect Campus Saint Christophe, Bâtiment Galilée 3, 10 Avenue de l'Entreprise, BP France 100.00 95863, Cergy Saint Christophe, Direct Cergy Pontoise, France Wittener Straße 45, 44789 Bochum, BP Fuels Deutschland GmbH 99.99 Germany Indirect Avenida de la Transición Española 30, Parque Empresarial Omega, BP Gas Europe, S.A.U. 100.00 Edificio D. 28108 Alcobendas, Indirect Madrid, Spain BP Global Investments Salalah & Co LLC 99.70 PO Box 2309, Salalah, 211, Oman Direct Chertsey Road, Sunbury on Thames, BP Greece Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Rm 2710Guangfa Bank Plaza, No. 83 BP Guangdong Limited 90.00 Nonglin Xia Road, Yuexiu District, Indirect Guangzhou, China Room X2072, 2/F, No.13 Longxue BP Guangzhou Development Oil Road, Longxue Island, Nansha Product Co., Ltd 40.00 District, Guangzhou, Guangdong, Direct 511450, China d'Arcyweg 76, 3198 NA Europoort BP Holdings B.V. 100.00 Rotterdam, Netherlands Direct d'Arcyweg 76, 3198 NA Europoort BP Holdings International B.V. 99.99 Rotterdam, Netherlands Indirect Unit 807, Tower B, Manulife BP Hong Kong Limited 100.00 Financial Centre, 223 Wai Yip Street, Direct Kwun Tong, Hong Kong Technopolis Knowledge Park, BP India Private Limited 87.45 Mahakali Caves Road, Andheri Direct (East), Mumbai400 093, India Chertsey Road, Sunbury on Thames, BP Investments Asia Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Via Verona 12, Cornaredo, 20010, BP Italia SpA 100.00 Milan, Italy Direct Washington House, 4th Floor, 16 BP LNG Shipping Limited 76.41 Church Street, Hamilton HM 11 , Indirect Bermuda
35 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect BP Luxembourg S.A. 99.99 Aire de Capellen, L-8309 Capellen Indirect d'Arcyweg 76, 3198 NA Europoort BP Management International B.V. 99.99 Rotterdam, Netherlands Indirect d'Arcyweg 76, 3198 NA Europoort BP Management Netherlands B.V. 99.99 Rotterdam, Netherlands Indirect 7 Straits View #26-01, Marina One BP Maritime Services (Singapore) 100.00 East Tower, Singapore, 018936, Direct Pte. Limited Singapore Plot 28 , North 90 Road , Housing & BP Marketing Egypt LLC 99.99 Construction Bank Building, New Direct Cairo, Cairo, 11835, Egypt 5th Floor, Ebene Esplanade, 24 BP Mauritius Limited (in liquidation) 99.99 Cybercity, Ebene, Mauritius Indirect P.O.Box 1699, Dubai, 1699, United BP Middle East LLC 99.00 Arab Emirates Direct d'Arcyweg 76, 3198 NA Europoort BP Muturi Holdings B.V. 99.99 Rotterdam, Netherlands Indirect d'Arcyweg 76, 3198 NA Europoort BP Nederland Holdings BV 99.99 Rotterdam, Netherlands Indirect Chertsey Road, Sunbury on Thames, BP New Ventures Middle East 100.00 Middlesex, TW16 7BP, United Indirect Limited Kingdom Watercare House, 73 Remuera Road, BP New Zealand Holdings Limited 100.00 Newmarket, Auckland, 1050, New Indirect Zealand Watercare House, 73 Remuera Road, BP New Zealand Share Scheme 100.00 Newmarket, Auckland, 1050, New Indirect Limited Zealand Level 17, 717 Bourke Street, BP Oil Australia Pty Ltd 77.18 Docklands VIC, Australia Indirect Polígono Industrial "El Serrallo", s/n BP Oil Espana, S.A. Unipersonal 100.00 12100 Grao de Castellón, Castellón Indirect de la Plana, Spain 26A Apostolopoulou, Halandri, BP Oil Hellenic S.A. 100.00 Athens, Attica, 152 31, Greece Indirect Watercare House, 73 Remuera Road, BP Oil New Zealand Limited 100.00 Newmarket, Auckland, 1050, New Indirect Zealand Chertsey Road, Sunbury on Thames, BP Oil Vietnam Limited 100.00 Middlesex, TW16 7BP, United Indirect Kingdom Überseeallee 1, 20457, Hamburg, BP Olex Fanal Mineralol GmbH 99.99 Hamburg, Germany Indirect Watercare House, 73 Remuera Road, BP Pacific Investments Ltd 100.00 Newmarket, Auckland, 1050, New Indirect Zealand BP Petro China Jiangmen Fuels Co., Room A, building B , 5th floor, no. Ltd. 49.00 22 gangang road, Jiangmen, China Direct Chertsey Road, Sunbury on Thames, BP Petrochemicals India Investments 100.00 Middlesex, TW16 7BP, United Direct Limited Kingdom
36 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Room B1, 11th Floor, No.22 Gang Kou Yi Road, Peng Jiang District, BP PetroChina Petroleum Co., Ltd 49.00 Jiangmen, Guangdong Province, Direct China Degirmen yolu cad. No:28 , Asia BP Petrolleri Anonim Sirketi 100.00 OfisPark K:3 İcerenkoy-Atasehir, Direct Istanbul, 34752, Turkey Level 8, Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46 BP PETRONAS Acetyls Sdn. Bhd. 69.99 47301 Petaling Jaya, Selangor Darul Indirect Ehsan, Malaysia Chertsey Road, Sunbury on Thames, BP Pipelines (BTC) Limited 100.00 Middlesex, TW16 7BP, United Indirect Kingdom Chertsey Road, Sunbury on Thames, BP Pipelines (SCP) Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Ul. Jasnogórska 1, 31-358 Kraków, BP Polska Services Sp. z o.o. 99.99 Malopolskie, Poland Indirect BP Portugal -Comercio de Lagoas Park, Edificio 3, Porto Salvo, Combustiveis e Lubrificantes SA 100.00 Oeiras, Portugal Direct d'Arcyweg 76, 3198 NA Europoort BP Raffinaderij Rotterdam B.V. 99.99 Rotterdam, Netherlands Indirect BP Refinery (Kwinana) Proprietary Level 17, 717 Bourke Street, Limited 77.18 Docklands VIC, Australia Indirect Avenida Santa Fe 505, Col. Cruz BP Servicios de Combustibles S.A. de 100.00 Manca Santa Fe, Delegacion Direct C.V. Cuajimalpa, Mexico Avenida Santa Fe 505, Col. Cruz BP Servicios territoriales, S.A. de 100.00 Manca Santa Fe, Delegacion Direct C.V. Cuajimalpa, Mexico BP Sinopec (ZheJiang) Petroleum F12, Hua Zhe Square Tower 1, Hang Co., Ltd 40.00 Zhou City, Zhe Jiang Province, China Direct Avenida de la Transición Española 30, Parque Empresarial Omega, BP Solar Espana, S.A. Unipersonal 100.00 Edificio D. 28108 Alcobendas, Indirect Madrid, Spain Level 17, 717 Bourke Street, BP Solar Pty Ltd 77.18 Docklands VIC, Australia Indirect 199 Oxford Road, Oxford Parks, BP Southern Africa Proprietary 75.00 Dunkeld, Johannesburg, Gauteng, Direct Limited 2196, South Africa 5-5A Queen's Park West, Port-of- BP Trinidad Processing Limited 100.00 Spain, Trinidad and Tobago Indirect Chertsey Road, Sunbury on Thames, BP UK Retained Holdings Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Room 201, Complex A, Qianwan BP Xiaoju New Energy (Shenzhen) Road 1, Qianhai Shenzhen-Hong Co., Ltd. 70.00 Kong Cooperation Zone, Shenzhen Indirect City, PRC Da Ping Harbour, Lin Gang Industrial BP Zhuhai Chemical Company 81.60 Zone, Zhuhai City, Guangdong Direct Limited Province, China
37 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Level 17, 717 Bourke Street, Brian Jasper Nominees Pty Ltd 77.18 Docklands VIC, Australia Indirect Maples & Calder, P.O. Box 309, Ugland House, 113 South Church BTC International Investment Co. 30.10 Street, George Town, Grand Cayman, Indirect Cayman Islands Chertsey Road, Sunbury on Thames, BTC Pipeline Holding Company 100.00 Middlesex, TW16 7BP, United Direct Limited Kingdom Level 17, 717 Bourke Street, Burmah Castrol Australia Pty Ltd 77.18 Docklands VIC, Australia Indirect José Musalen Saffie, Huerfanos N° Burmah Chile SpA 81.78 770 Of. 301, Santiago, Chile Direct Chertsey Road, Sunbury on Thames, Cadman DBP Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom Company Matters Pty Ltd, Level 12, Cairns Airport Refuelling Service Pty 25.73 680 George Street, Sydney NSW Indirect Ltd 2000, Australia No.1120 Mawan Road, Nanshan Castrol (Shenzhen) Company Limited 100.00 District, Shenzhen, China Direct South of NanGang Industrial Area, and East of Hai Gang Road, Tianjin Castrol (Tianjin) Lubricants Co., Ltd 100.00 Economic Development Area, Direct Tianjin, China, China Level 17, 717 Bourke Street, Castrol Australia Pty. Limited 77.18 Docklands VIC, Australia Indirect Straße 6, Objekt 17, Industriezentrum CASTROL Austria GmbH 99.99 NÖ-Süd,, 2355 Wr. Neudorf, Austria Indirect d'Arcyweg 76, 3198 NA Europoort Castrol B.V. 99.99 Rotterdam, Netherlands Indirect 9th Floor, 22-36 Nguyen Hue Street, Castrol BP Petco Limited Liability 59.00 57-69F Dong Khoi Street, District 1, Indirect Company Ho Chi Minh City, Vietnam Calle 6 No 319, esq 5ta. Ave., Castrol Cuba S.A. 50.00 Miramar, Playa, La Habana, Cuba Indirect C1/C2-1, C1/C2-2, 1-6F, No. C1/C2 building, No.107 Huazhong Electronics Industry Park, Fangcao 2 Castrol DongFeng Lubricant Co., Ltd 50.00 Road, Wuhan Economic and Direct Technological Development Zone, Wuhan, Hubei Province, China Erkelenzer Straße 20, 41179 Castrol Industrie und Service GmbH 99.99 Mönchengladbach, Germany Indirect 5th Floor, 92-96 Izvor St, 5th Castrol Lubricants RO S.R.L 99.99 District, Bucharest, Romania Indirect D-67/1, Block # 4, Scheme # 5, , Castrol Pakistan (Private) Limited 99.99 Clifton, Karachi, Pakistan, Karachi, Indirect Pakistan 2A Kostiantynivska Street, Kyiv, Castrol Ukraine LLC 100.00 04071, Ukraine Direct Liman Mah. 60 Sk., Çekisan-İdari Cekisan Depolama Hizmetleri 35.00 Bina sit. No:25 A/1, Konyaaltı, Indirect Limited Sirketi Antalya, Turkey
38 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Level 17, 717 Bourke Street, Centrel Pty Ltd 77.18 Docklands VIC, Australia Indirect 500, Capability Green, Luton, LU1 Charge Your Car Limited 100.00 3LS, United Kingdom Indirect Bischof-von-Henle-Straße 2a, Chargemaster (Europe) GmbH 100.00 Regensburg, 93051, Deutschland Indirect 500, Capability Green, Luton, LU1 Chargemaster Limited 100.00 3LS, United Kingdom Indirect 55 Baker Street, London, W1U 7EU, Charging Solutions Limited 100.00 United Kingdom Indirect 8 Temasek Boulevard #31-02, Suntec China Aviation Oil (Singapore) 20.03 City Tower 3, Singapore 038988, Indirect Corporation Ltd Singapore Level 17, 717 Bourke Street, Clarisse Holdings Pty Ltd 77.18 Docklands VIC, Australia Indirect 11/F, Building No.2, No. 32 Lingang CNAF Air BP General Aviation Fuel Road Section One, Xihang Port Company Limited 49.00 Street, Shuangliu District, Chengdu, Direct Sichuan Province, China 10th Floor, The Bayleys Building, Coastal Oil Logistics Limited 25.00 Cnr Brandon St and Lambton Quay, Indirect Wellington, 6011, New Zealand San Gottardo Sud, 6780, Airolo, Concessionaria Stalvedro SA 50.00 Switzerland Indirect Avenida Eugenio Mendoza / San Felipe Edificio Centro Letonia, Torre Consolidada de Energia y 100.00 Ing-Bank, Piso 12, Oficina 124-B, La Direct Lubricantes, (CENERLUB) C.A. Castellana, Caracas, 1060, Venezuela, Bolivarian Republic of Watercare House, 73 Remuera Road, Coro Trading NZ Limited 100.00 Newmarket, Auckland, 1050, New Indirect Zealand Wittener Straße 45, 44789 Bochum, CSG Convenience Service GmbH 24.80 Germany Indirect Level 17, 717 Bourke Street, Dermody Developments Pty Ltd 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street, Dermody Holdings Pty Ltd 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street, Dermody Investments Pty Ltd 77.18 Docklands VIC, Australia Indirect Level 17, 717 Bourke Street, Dermody Petroleum Pty. Ltd. 77.18 Docklands VIC, Australia Indirect Timmerhellstsr. 28, 45478, Mülheim/ DHC Solvent Chemie GmbH 99.99 Ruhr, Germany Indirect Westfalendamm 166, 44141 DOPARK GmbH 25.00 Dortmund, Germany Indirect Avenida de la Transición Espanola Dualez 16, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Sportallee 6, 22335 Hamburg, Dusseldorf Fuelling Services GbR 33.00 Germany Indirect Sportallee 6, 22335 Hamburg, Dusseldorf Tank Services GbR 33.00 Germany Indirect
39 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect 199 Oxford Road, Oxford Parks, ECM Markets SA (Pty) Ltd 75.00 Dunkeld, Johannesburg, Gauteng, Indirect 2196, South Africa 500, Capability Green, Luton, LU1 Elektromotive Limited 100.00 3LS, United Kingdom Indirect Level 17, 717 Bourke Street, Elite Customer Solutions Pty Ltd 77.18 Docklands VIC, Australia Indirect EMDAD Aviation Fuel Storage P.O.Box 261781, Dubai, United Arab FZCO 33.33 Emirates Direct Plot No. B003R04, Box No. 9400, Emoil Storage Company FZCO 20.00 Dubai, United Arab Emirates, Dubai, Direct United Arab Emirates 562 Avenue du Parc de l'Ile, 92000, Entrepot petrolier de Chambery 32.00 NANTERRE, France Indirect Campus Saint Christophe, Bâtiment Entrepôt Pétrolier de Puget sur Galilée 3, 10 Avenue de l'Entreprise, Argens - EPPA 58.25 95863, Cergy Saint Christophe, Indirect Cergy Pontoise, France Radlpaßstraße 6, 8502 Lannach, Erdol-Lagergesellschaft m.b.H. 23.00 Austria Indirect Avenida de la Transición Espanola Estacion de Servicio Alto Campoo, 100.00 30, Alcobendas, 28108, Madrid, Indirect S.L. Spain Avenida de la Transición Espanola Estacion de Servicio Ganzo 10, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Avenida de la Transición Espanola Estacion de Servicio Reocin 9, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Avenida de la Transición Espanola Estacion de Servicio Santillana II, 100.00 30, Alcobendas, 28108, Madrid, Indirect S.L. Spain Avenida de la Transición Espanola Estacion de Servicio Sardinero, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Harju maakond, Lasnamäe linnaosa, Estonian Aviation Fuelling Services 50.00 Väike-Sõjamäe tn 12a, Tallinn, Direct 11415, Estonia Etzel-Kavernenbetriebsgesellschaft Bertrand-Russell-Straße 3, 22761 mbH & Co. KG 33.33 Hamburg, Germany Indirect Etzel-Kavernenbetriebs- Bertrand-Russell-Straße 3, 22761 Verwaltungsgesellschaft mbH 33.33 Hamburg, Germany Indirect Watercare House, 73 Remuera Road, Europa Oil NZ Limited 100.00 Newmarket, Auckland, 1050, New Indirect Zealand Chertsey Road, Sunbury on Thames, Exploration Service Company 100.00 Middlesex, TW16 7BP, United Direct Limited Kingdom 16192 Coastal Highway Sussex County Fatima Power Holding LLC 25.00 Lewes DE 19958 Direct United States FFS Frankfurt Fuelling Services Sportallee 6, 22335 Hamburg, (GmbH & Co.) OHG 33.00 Germany Indirect
40 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Rheinstraße 36, 49090 Osnabrück, Fip Verwaltungs GmbH 50.00 Germany Indirect Flughafen Hannover Pipeline Überseeallee 1, 20457, Hamburg, Indirect Verwaltungsgesellschaft mbH 50.00 Hamburg, Germany Flughafen Hannover Überseeallee 1, 20457, Hamburg, Indirect Pipelinegesellschaft mbH & Co. KG 50.00 Hamburg, Germany Postboks 36, Stjordal, NO-7501, Flytanking AS 50.00 Norway Indirect No. 1-1Formosa Industrial Comples, Formosa BP Chemicals Corporation 50.00 Mailiao, Yunlin Hsien, Taiwan Direct d'Arcyweg 76, 3198 NA Europoort FreeBees B.V. 99.99 Rotterdam, Netherlands Indirect Box 8107, 10420, Stockholm, Fuel & Retail Aviation Sweden AB 100.00 Sweden Indirect 3 Rue des Vignes, Aéroport Roissy Fuelling Aviation Service - FAS 50.00 Charles de Gaulle, 93290, Indirect TREMBLAY EN FRANCE, France Fuelplane- Sociedade Abastecedora Lagoas Park, Edificio 3, Porto Salvo, De Aeronaves, Unipessoal, Lda 100.00 Oeiras, Portugal Indirect Fundación para la Eficiencia Energética de la Comunidad 33.33 Calle Lituania nº 10, Castellón de la Indirect Valenciana Plana, Spain Postboks 133, Gardermoen, Gardermeon Fuelling Services AS 33.33 NO-2061, Norway Indirect Gas Natural Acu Comercializadora de Rua do Russel 804, 5th floor, Gloria, Energia Ltda. 50.00 Rio de Janeiro, Brazil Direct Praia do Flamengo 66, 13th and 14th Gas Natural Acu S.A. 30.00 floors, Block A, Flamengo, Rio de Direct Janeiro, Brazil Rua do Russel 804, 5th floor, Gloria, Gas Natural Infraestrutura S.A. 28.51 Rio de Janeiro, Brazil Indirect Alexander-von-Humboldt-Straße 1, Gelsenkirchen Raffinerie Netz GmbH 99.99 Gelsenkirchen, 45896, Deutschland Indirect Gezamenlijke Tankdienst Schiphol Anchoragelaan 6, 1118LD B.V. 50.00 Luchthaven Schiphol, Netherlands Indirect 2,Vouliagmenis Ave & Papaflessa, GISSCO S.A. 50.00 16777 Elliniko, Athens, Attika, Indirect Greece Gothenburgh Fuelling Company AB Box 2154, 438 14, LANDVETTER, (GFC) 33.33 Sweden Indirect 150 Avenue Yves Farge, 37700, Groupement Pétrolier de Saint Pierre 20.00 SAINT PIERRE DES CORPS, Indirect des Corps - GPSPC France 10-11/FTime Finance Center, Guangdong Dapeng LNG Company No.4001 Shennan Dadao, Futian Limited 30.00 Street, Futian District, Shenzhen, Indirect Guangdong Province, China Chertsey Road, Sunbury on Thames, Guangdong Investments Limited 100.00 Middlesex, TW16 7BP, United Direct Kingdom GVÖ Gebinde- Verwertungsgesellschaft der 21.00 Steindamm 55, 20099 Hamburg, Indirect Mineralölwirtschaft mbH Germany
41 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Sportallee 6, 22335 Hamburg, Hamburg Tank Service (HTS) GbR 33.00 Germany Indirect South Side, Floor 10, Insurance Hebei Dongming Yinglun Petroleum Industrial Park, No. 672, Chengjiao Co., Ltd. 49.00 Street,, Qiaoxi District, Shijiazhuang Direct City, Hebei Province, China Rheinstraße 36, 49090 Osnabrück, Heinrich Fip GmbH & Co. KG 50.00 Germany Indirect Room 124, Longhu Enterprise Service Center, Floor 1, Building No. Henan Dongming Yinglun Petroleum 10, Courtyard No.1, Long Xing Jia Co., Ltd. 49.00 Yuan, No. 66, Longhu Outer Ring Direct Road, Zhengdong New District, Zhenzhou City Sportallee 6, 22335 Hamburg, HFS Hamburg Fuelling Services GbR 25.00 Germany Indirect Hiergeist Heizolhandel GmbH & Co. Grubenweg 4, 83666 Waakirchen- KG 50.00 Marienstein, Germany Indirect Level 17, 717 Bourke Street, International Bunker Supplies Pty Ltd 77.18 Docklands VIC 3008, Australia Indirect Jamaica Aircraft Refuelling Services PCJ Building36 Trafalgar Road, Limited 51.00 Kingston 10, Jamaica Indirect An der Braker Bahn 22, 26122 Klaus Köhn GmbH 50.00 Oldenburg, Germany Indirect An der Braker Bahn 22, 26122 Köhn & Plambeck GmbH & Co. KG 50.00 Oldenburg, Germany Indirect Luisenstrape 5 a, 26382 Kurt Ammenn GmbH & Co. KG 50.00 Wilhelmshaven, Germany Indirect LCA Aviation Fuelling Systems 90 Archiepiskopou str, Dromolaxia – Limited 35.00 Meneou, 7020 Larnaca , Cyprus Indirect P O Box - 11 -5814c/o Coral Oil Lebanese Aviation Technical Services 100.00 Building, 583Avenue de Gaulle, Indirect S.A.L. Raoucheh, Beirut, Lebanon LFS Langenhagen Fuelling Services Sportallee 6, 22335 Hamburg, GbR 50.00 Germany Indirect Novinskiy blvd.8, 17th floor, Limited Liability Company BP 99.99 premises 11, 121099, Moscow, Indirect Toplivnaya Kompania Russian Federation Limited liability company Setra 2 Paveletskaya sq, Building1, 115054 Lubricants 99.99 Moscow, Russia Indirect Lotos - Air BP Polska Spółka z Grunwaldzka 472B, 80-309, Gdansk, ograniczoną odpowiedzialnością 50.00 Poland Indirect Maasvlakte Europoort Pipeline Rijndwarsweg 3, 3198 LK Europoort, Maatschap 50.00 Rotterdam, Netherlands Indirect Moezelweg 101, 3198LS Europoort, Maatschap Europoort Terminal 50.00 Rotterdam, Netherlands Indirect Mach Monument Aviation Fuelling Naz City, Building J, Suite 10 Erbil, Co. Ltd. 70.00 Iraq Direct Box 22, SE 230 32 Malmö-Sturup, Malmo Fuelling Services AB 33.33 Sweden Indirect Avenida de la Transición Española 30, Parque Empresarial Omega, Markoil, S.A. Unipersonal 100.00 Edificio D. 28108 Alcobendas, Indirect Madrid, Spain
42 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect 199 Oxford Road, Oxford Parks, Masana Employee Share Trust No. 1 37.88 Dunkeld, Johannesburg, Gauteng, Indirect 2196, South Africa 199 Oxford Road, Oxford Parks, Masana Petroleum Solutions (Pty) 37.88 Dunkeld, Johannesburg, Gauteng, Indirect Ltd 2196, South Africa KPMG, 247 Cameron Road, McFall Fuel Limited 49.00 Tauranga, 3110, New Zealand Indirect 6th Flr City Tower, 2 - Sheikh Zayed Middle East Lubricants Company 29.04 Road, PO Box 1699, Dubai, United Indirect LLC Arab Emirates Level 17, 717 Bourke Street, Minza Pty. Ltd. 77.18 Docklands VIC, Australia Indirect Mobene Beteiligungs Verwaltungs Spaldingstraße 64, 20097 Hamburg, GmbH 50.00 Germany Indirect Spaldingstraße 64, 20097 Hamburg, Mobene GmbH & Co. KG 50.00 Germany Indirect Spaldingstraße 64, 20097 Hamburg, Mobene Verwaltungs-GmbH 50.00 Germany Indirect Butaanweg 215, NL-3196 KC N.V. Rotterdam-Rijn-Pijpleiding 44.40 Vondelingenplaat, Rotterdam, 3045, Indirect Maatschappij (RRP) Havennummer , Netherlands Level 3, 139 The Terrace, Wellington, New Zealand Oil Services Limited 50.00 6011, New Zealand Indirect Avenida Atlântica, no. 1.130, 2nd NFX Combustíveis Marítimos Ltda. 50.00 floor (part), Copacabana, Rio de Direct Janeiro, RJ, 22021-000, Brazil No. 1 Riverside Quay Proprietary Level 17, 717 Bourke Street, Limited 77.18 Docklands VIC, Australia Indirect Zum Ölhafen 207, 26384 Nord-West Oelleitung GmbH 59.33 Wilhelmshaven, Germany Indirect GTH Accounting Group Pty Ltd '2', Ocwen Energy Pty Ltd 38.20 1A Kitchener Street, Toowoomba Indirect QLD 4350, Australia Postboks 134, Gardermoen, Oslo Lufthaven Tankanlegg AS 33.33 NO-2061, Norway Indirect Avenida de la Transición Espanola Oyambre 1, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Chertsey Road, Sunbury on Thames, Pearl River Delta Investments 100.00 Middlesex, TW16 7BP, United Direct Limited Kingdom P O Box 6369 Peninsular Aviation Services 25.00 Jeddah21442 Direct Company Limited Saudi Arabia 6th Floor (c/o Q8 Aviation), Dukes Pentland Aviation Fuelling Services 25.00 Court, Duke Street, Woking, GU21 Indirect Limited 5BH, Surrey route de Pré-Bois 2, 1214, Vernier, Petrostock SA 50.00 Switzerland Indirect Avenida de la Transición Espanola Pozuelo 4, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain
43 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Campus Saint Christophe, Bâtiment PRODUITS METALLURGIE Galilée 3, 10 Avenue de l'Entreprise, DOITTAU 99.98 95863, Cergy Saint Christophe, Indirect Cergy Pontoise, France AKR Tower 25th floor, Jalan Panjang PT. Aneka Petroindo Raya 49.90 No.5, Kebon Jeruk Direct Jakarta 11530 Indonesia 20th Floor Summitmas II Jl., Jend. PT BP Petrochemicals Indonesia 50.00 Sudirman Kav. 61 - 62, Jakarta, Direct Selatan, Indonesia Perkantoran Hijau Arkadia, Tower B 8th Floor, Jl. Let. Jenderal TB. PT Jasatama Petroindo 100.00 Simatupang Kav. 88, Jakarta12520, Direct Indonesia Wisma AKR, 25th floor, Jalan PT. Dirgantara Petroindo Raya 49.90 Panjang No.5, Kebon Jeruk, , Jakarta Direct Barat, 11530, Indonesia Avenida de la Transición Espanola Puente Arce 4, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain 26Kifissias Ave. and 2Paradissou st., RAPI SA 62.51 15125 Maroussi, Athens, Greece Indirect Raststaette Glarnerland AG, Nideracher 1, 8867, Niederurnen, Niederurnen 20.00 Switzerland Indirect 399 Moray Place, Dunedin, 9016, RD Petroleum Limited 49.00 New Zealand Indirect Rhein-Main- Rohrleitungstransportgesellschaft 35.00 Godorfer Hauptstraße 186, 50997 Indirect mbH Köln, Germany Avenida de la Transición Espanola Rio Corvo 2, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain KPMG, 247 Cameron Road, RMF Holdings Limited 49.00 Tauranga, 3110, New Zealand Indirect 59 Aurel Vlaicu Street, Otopeni, Ilfov Romanian Fuelling Services S.R.L. 50.00 County, Romania Indirect Alexander-von-Humboldt-Straße 1, Ruhr Oel GmbH (ROG) 99.99 Gelsenkirchen, 45896, Deutschland Indirect Grupo Operacional de Combustiveis SABA- Sociedade Abastecedora de 25.00 do Aeroporto de Lisboa, Edificio 19, Indirect Aeronaves, Lda 1.º Sala Saba, Lisboa, Portugal International airport "El. Venizelos", SAFCO SA 33.33 Athens, Greece Indirect Innsbrucker Bundesstraße 95, 5020 Salzburg Fuelling GmbH 33.00 Salzburg, Austria Indirect route de Pré-Bois 17, 1216, Cointrin, Saraco SA 20.00 Switzerland Indirect Servicios Logísticos de Combustibles Paseo de la Castellana 278, Madrid, de Aviación, S.L 50.00 Spain, Spain Indirect Room B-703, B-704, B-705, B-706, Shandong Dongming Yinglun B-707, Floor 7, Block B, No.8, Petroleum Co., Ltd. 49.00 Luoyuan Avenue, Lixia District, Direct Jinan City, China
44 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect P O Box- 97, Sharjah, United Arab Sharjah Aviation Services Co. LLC 48.51 Emirates Indirect Shell and BP South African 1 Refinery Road, Prospecton, 4110, Petroleum Refineries (Pty) Ltd 37.50 South Africa Indirect Guangdong Dapeng Liquefied Natural Gas Filling Station, Cheng Shenzhen Dapeng LNG Marketing 30.00 Tou Corner, Xia Sha Village, Dapeng Indirect Company Limited Street, Dapeng New District, Shenzhen, China Sociedade de Promocao Imobiliaria Lagoas Park, Edificio 3, Porto Salvo, Quinta do Loureiro, SA 100.00 Oeiras, Portugal Indirect Société d'Avitaillement et de Stockage de Carburants Aviation 40.00 1 Place Gustave Eiffel, 94150, Indirect "SASCA" RUNGIS, France Campus Saint Christophe, Bâtiment Société de Gestion de Dépots Galilée 3, 10 Avenue de l'Entreprise, d'Hydrocarbures - GDH 100.00 95863, Cergy Saint Christophe, Indirect Cergy Pontoise, France Société de Gestion de Produits 27 Route du Bassin Numéro 6, Pétroliers - SOGEPP 37.00 92230, GENNEVILLIERS, France Indirect Maples & Calder, P.O. Box 309, South Caucasus Pipeline Company Ugland House, 113 South Church Limited 28.83 Street, George Town, Grand Cayman, Indirect Cayman Islands Maples & Calder, P.O. Box 309, South Caucasus Pipeline Holding Ugland House, 113 South Church Company Limited 28.83 Street, George Town, Grand Cayman, Indirect Cayman Islands Maples & Calder, P.O. Box 309, South Caucasus Pipeline Option Gas Ugland House, 113 South Church Company Limited 28.83 Street, George Town, Grand Cayman, Indirect Cayman Islands 2-5F, No. 571, Yuncheng Dong Road, South China Bluesky Aviation Oil 24.50 Baiyun District, Guangzhou City, Direct Company Limited Guangdong Province, China Campus Saint Christophe, Bâtiment Galilée 3, 10 Avenue de l'Entreprise, SRHP 99.99 95863, Cergy Saint Christophe, Indirect Cergy Pontoise, France STDG Strassentransport Dispositions Holstenhofweg 47, 22043 Hamburg, Gesellschaft mbH 50.00 Germany Indirect Stockholm Fuelling Services Aktiebolag 25.00 Box 7, 190 45 Arlanda, Sweden Indirect Birmenstorferstrasse 2, 5507, Tankanlage AG Mellingen 33.33 Mellingen, Switzerland Indirect Zwüscheteich, 8153, Rümlang, TAR - Tankanlage Ruemlang AG 27.32 Switzerland Indirect Level 17, 717 Bourke Street, Taradadis Pty. Ltd. 77.18 Docklands VIC, Australia Indirect Auhafenstrasse 10a, 4132, Muttenz, TAU Tanklager Auhafen AG 50.00 Switzerland Indirect Rijndwarsweg 3, Havennr 5719, Team Terminal B.V. 22.80 3198LK Europoort Rotterdam, Indirect Netherlands
45 DT DocuSign Envelope ID: A7DC07EA-15CF-4D34-9BCC-D8D4A9D5D730 NOTES TO THE FINANCIAL STATEMENTS
Direct / Related undertaking Holdings % Registered address Indirect Wesermünder Straße 1, 27729 Tecklenburg GmbH 50.00 Hambergen, Germany Indirect Tecklenburg GmbH & Co. Wesermünder Straße 1, 27729 Energiebedarf KG 50.00 Hambergen, Germany Indirect Avenida Paris, 4077, Suite 3, Terminal de Combustiveis Paulinia 50.00 Cascata, Paulínia, São Paulo State, Indirect S.A. 13046-061, Brazil Carretera de San Andréss/n, La Terminales Canarios, S.L. 50.00 Jurada-María Jiménez, Santa Cruz de Indirect Tenerife, Spain TFSS Turbo Fuel Services Sachsen Sportallee 6, 22335 Hamburg, GbR 20.00 Germany Indirect TGFH Tanklager-Gesellschaft Sportallee 6, 22335 Hamburg, Frankfurt-Hahn GbR 50.00 Germany Indirect TGH Tankdienst-Gesellschaft Sportallee 6, 22335 Hamburg, Hamburg GbR 33.33 Germany Indirect TGHL Tanklager-Gesellschaft Sportallee 6, 22335 Hamburg, Hannover-Langenhagen GbR 50.00 Germany Indirect TGK Tanklagergesellschaft Koln- Sportallee 6, 22335 Hamburg, Bonn 25.00 Germany Indirect Maples & Calder, P.O. Box 309, The Baku-Tbilisi-Ceyhan Pipeline Ugland House, 113 South Church Company 30.10 Street, George Town, Grand Cayman, Indirect Cayman Islands TLM Tanklager Management GmbH 49.00 Am Tankhafen 4, 4020 Linz, Austria Indirect Zum Ölhafen 49, 70327 Stuttgart, TLS Tanklager Stuttgart GmbH 45.00 Germany Indirect Avenida de la Transición Espanola Torrelavega 7, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Huestraße 25, 44787, Bochum, TRaBP GbR 74.99 Germany Indirect Wittener Straße 56, Bochum, Trafineo GmbH & Co. KG 74.99 Germany Indirect Wittener Straße 45, 44789 Bochum, Trafineo Service GmbH 74.99 Germany Indirect Wittener Straße 56, Bochum, Trafineo Verwaltungs-GmbH 74.99 Germany Indirect Am Stadthafen 60, 45881 TransTank GmbH 50.00 Gelsenkirchen, Germany Indirect Building No. 349 & 351, Third United Gas Derivatives Company 33.33 Sector of City Centre, Fifth Direct "UGDC" Settlement, New Cairo, Egypt Avenida de la Transición Espanola Villacarriedo 8, S.L. 100.00 30, Alcobendas, 28108, Madrid, Indirect Spain Level 17, 717 Bourke Street, West Kimberley Fuels Pty Ltd 77.18 Docklands VIC, Australia Indirect d'Arcyweg 76, 3198 NA Europoort Windpark Energy Nederland B.V. 99.99 Rotterdam, Netherlands Indirect Ross Pauling & Partners Limited, Wiri Oil Services Limited 27.78 106b Bush Road, Albany, Auckland, Indirect 0632, New Zealand
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